The New York statutory durable power of attorney form authorizes an attorney-in-fact to manage a person’s financial matters in perpetuity after the document’s execution, even in the event of incapacitation. The appointed attorney-in-fact should be someone close to the principal, someone capable but also trustworthy. Once the power of attorney form is signed, the attorney-in-fact will be able to represent the principal when performing tasks such as asset management, personal and business-related transactions, and other important financial affairs. Unless the principal expresses that the document terminates upon their incapacitation, the power of attorney is meant to be durable.
“Durable” Definition – No exact definition provided in State statutes; one can expect that the term represents the perpetuation of a power of attorney in the event of the principal’s incapacitation.
Laws – GOB § 5-1501A
Signing Requirements – Notary Public (GOB § 5-1501B); if the principal elects to complete the “Statutory Gifts Rider” attached to the power of attorney document, their signature must be witnessed by two (2) persons in addition to the acknowledgment of the notary public (§ 5-1514.9(b)).